Bolaños says veto on Hungarian takeover bid for Talgo “protects Spain’s interests”

The Diplomat The Minister of the Presidency, Justice and Relations with the Parliament, Félix Bolaños, defended yesterday that the Government's veto on the takeover bid launched by the Hungarian company Magyar Vagon to buy Talgo was made "to protect Spain's interests". In statements to the press, Bolaños stressed that the decision was taken in accordance with national law but also in accordance with European law, after Magyar Vagon had expressed its intention to appeal this veto to European authorities. "Spain is a very attractive country for foreign investment. The figures from recent years show this, but when we have to say no to an operation for the protection of Spain's interests and national security, we do it," he said. The minister avoided referring to the report from the National Intelligence and National Security Centre that helped the Government to make that decision and which points to the Russian connections between the potential buyer, Magyar Vagon, and Russia, according to 'El País'. Beyond these reports, the fact is that 45% of this Hungarian company is controlled by a Hungarian state fund, now governed by Viktor Orbán, who is considered close to the Russian president, Vladimir Putin, at the same time that one of the main directors of Magyar Vagon, András Tombor, was an advisor to one of Orbán's governments. Likewise, the company was owned by the Russian Transmashholding until the sanctions against Russia for the invasion of Ukraine in 2022 forced it to leave the capital. However, Tombor confirmed that there is a contract which it continues to share with Transmashholding due to contractual obligations. The report also states that, in recent months, both the unions and the Basque Government have received pressure from the key men in the operation. Union sources consulted by Europa Press refuse to confirm this fact but insist that the management of Talgo itself was the most interested in this operation going ahead, avoiding at all times giving information to the workers about the other offer proposed by the Czech company Skoda, which was mentioned in July as a possible buyer. Some media outlets point to the possibility that the PPF Group conglomerate of companies, 100% owned by the Kellner family, will reappear on the scene for the change of ownership of Talgo after the Sánchez Government's veto of Magyar Vagon. The option of the Czechs of Skoda, controlled by PPF, has a priori the approval of Moncloa.

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